A regulated market whose members can buy and sell shares, bonds, commodities and derivatives. An exchange was traditionally a physical location, although the majority of trading today happens electronically. Like any type of club, exchanges have membership rules. These vary, but most request regular audited financial reports. 

The largest carbon trading exchange is the European Climate Exchange in London, which accounts for around 80 to 90 per cent of all trading on exchanges. The other major carbon exchanges are Nord Pool (Oslo), BlueNext (Paris) and the European Energy Exchange (Dresden).

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